In a bicollateral vascular bundle, the phloem occurs in two groups one outside the xylem and the other inner to it, i.e., two groups of phloem, one on each side of xylem. So, the correct sequence is Outer phloem $\rightarrow$ Outer Cambium $\rightarrow$ Middle xylem $\rightarrow$ Inner cambium $\rightarrow$ Inner phloem